help needed regarding LMI refund

[quoc]

Hi somersofters

I have settled on a house recently 21 days ago and paid lmi having only 10% deposit with CBA

I have only found out and confirmes with ANZ that they offer 90% loans with no lmi. I am a health professiobal

Now the lmi paid is $15000 so a fair whack

Is there anyone who knows if I can get refundes this amount being its only 21 days or if I can leverage cba saying I will moe loans to help things. Any other advice?

Or is it a case of tough cookies?

Thanks

 

[Terry_w]

Tough cookies as there are no refunds anymore - but CBA have a medical LMI waiver as well so talk to them about what they can do - perhaps reduced interest rate to compensate.

 

[Brady]

What is your profession and are you apart of a related association, if so which one? Who arranged your loan, broker or banker?

 

[Watson1]

Im guessing he is a physio, chiropractor or optometrist.

Soon enough ANZ will include acupunctures to the list...

 

[quoc]

Yup a physiotherapist and anz have the 90% no loan only introduced

I went through a lender at CBA

 

[Paul@PFI]

Lesson in this ? Use a broker ?

 

[Jamie_]

Clearly not an optometrist

 

[Marty McDonald]

Clearly not an optometrist

Ha ha yes very good

 

[Brady]

Lesson in this ? Use a broker ?

Don't recall him saying he saw a broker or banker. Furthermore you trying to say a broker would know the banks policy better than a banker? Please Paul, it's not the role but the person. Some very well know brokers on this forum get bank policy wrong, even seen where one has told the client max LVR was 80% when infact it was 90% pretty big when you're talking $600k

 

[Rolf Latham]

I went through a lender at CBA

If you went through a broker, youd probably need to chase them through Cosl.

If you went to a lender direct, I expect the FSO contact at CBA can sort this pretty quickly if the lender or their immediate superior cant sort it

I reckon that if you qualify and werent offered the exemption youd have a good chance of having the loan rolled back.

ta

rolf

 

[Brady]

Physio doesn't meet the CBA Medical Professional Offer (refer to below). But you could ask the question to CBA and provide copy of ANZ's offer to put pressure on them. Don't like your chances of getting the current LMI paid credited back, but might stand a chance of getting waived going forward.

Anaesthetist.
Cardio Thoracic Surgeon.
Cardiologist.
Clinical Pharmacologist.
Cosmetic Surgeon.
Dentist.
Dermatologist.
Ear and Throat Surgeon.
Emergency Surgeon.
Endocrinologist.
Gastro Intestinal Surgeon.
Gastroenterologist.
General Practitioner.
General Surgeon.
Gynaecologist.
Haematologist.
Hepatologist.
Immunologist.
Nephrologist.
Neuro Surgeon.
Neurologist.
Obstetrician.
Oncologist.
Ophthalmologist.
Optometrist.
Oral and Maxillofacial Surgeon.
Orthopaedic Surgeon.
Orthopaedic Registrars.
Otolaryngologist.
Paediatric Surgeon (Neonatal / Perinatal).
Pathologist.
Plastic Surgeon.
Psychiatrist.
Radiologist.
Reconstructive Surgeon.
Respiratory / Thoracic Surgeon.
Rheumatologist.
Surgeons.
Urologist.
Vascular Surgeon.
Veterinarian.

 

[Terry_w]

I've often wondered why the banks need to separate out all the different types of medical specialists like this. I wonder why they just don't list 'doctor' or listed on the Register of Practitioners or similar.

 

[Paul@PFI]

Don't recall him saying he saw a broker or banker. Furthermore you trying to say a broker would know the banks policy better than a banker? Please Paul, it's not the role but the person. Some very well know brokers on this forum get bank policy wrong, even seen where one has told the client max LVR was 80% when infact it was 90% pretty big when you're talking $600k

"Lender at CBA". .... A broker might have found a lender that includes his medical area in their policy maybe. Where the CBA lender might have just said nothing and this led to LMI. Don't know facts that why I put a ? after my comment.

 

[Brady]

"Lender at CBA". .... A broker might have found a lender that includes his medical area in their policy maybe. Where the CBA lender might have just said nothing and this led to LMI. Don't know facts that why I put a ? after my comment.

Missed that 'lender comment' my bad.

Again comes down to trusting who's infront of you. Advised a $1M client to go to ANZ last month as he was a physio and they could waive the LMI where on this occasion we couldn't. Just because someone goes to a broker doesn't mean they're going to know the banks policy or tell the truth about it each time.

 

[GreyGhost]

I've often wondered why the banks need to separate out all the different types of medical specialists like this. I wonder why they just don't list 'doctor' or listed on the Register of Practitioners or similar.

Dentist is not a doctor to me...

 

[Peter_Tersteeg]

Dentist is not a doctor to me...

One observation is it's based on those who can write a prescription. Most people don't include a vet in their definition of 'doctor' either, but they can get it.

I'm really surprised that anyone would actually overlook this. It's not an obscure policy.

 

[Terry_w]

Dentist is not a doctor to me...

Nor to me. But they do operate on a part of the body. But all the medical specialists are medical doctors aren't they? Maybe not.